Selection by the contingencies of reinforcements and economic behavior

Abstract

Evaluations of the rationality assumption that underlies mainstream economics theory reveals an apparent puzzle: Direct experimental tests show that this assumption is clearly wrong (see Allais, 1953; Tversky & Kahneman, 1979, Ariely, 2008), but many of the useful social inventions appear to use it (Roth, 2002).  The current paper tries to clarify these observations, and their relationship to human learning. 

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